“It’s an area that’s ripe for exploration; it’s ripe for us to get excited about. Lots of companies will play in this space”, he added.

Apple has already openly filed trademarks for the iWatch name in several countries across the world, prompting further speculation that the Cupertino company is working on its own wrist-worn smart device.

Rumours suggest that Apple has pencilled in a tentative iWatch release date for autumn 2014, but new information indicates that Apple is being plagued by production snags.

Yield rates are reportedly down at 50 per cent, with other leaks suggesting that the battery performance has been so unsatisfactory Apple is considering changing the display type of the iWatch.

Despite the influx of new wearable tech, dedicated smartwatches already on the market like the Samsung Galaxy Gear and Sony SmartWatch 2 have failed to impress or sell in great numbers.